Near and Non-Prime Consumer Trends and Preferences in the Used and New Car Markets

About the Podcast

In this episode, we’ll explore how Lending Enablement Solutions can help automotive lenders mitigate risk, increase loan volume and return on assets, and reach a broader pool of deserving borrowers. 

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Key Takeaways:

  • [0:59] How did the year go for Open Lending?
  • [3:55] The Fed's interest rate hike disproportionately affects non-prime consumers, leading to unexpected high interest rates and potential market exclusion.
  • [5:44] Lenders face shrinking profitability and loan volumes due to fewer eligible borrowers, compounded by extended car ownership impacting liquidity.
  • [6:47] Matt discusses how analyzing car preferences aids lenders in assessing near non-prime borrowers' creditworthiness and financial stability effectively.
  • [8:19] Matt emphasizes that for newer non-prime consumers, cars serve as essential lifestyle tools, not just status symbols.
  • [9:40] Matt argues that cost and limited infrastructure deter non-prime borrowers from considering EVs; collaboration is crucial for broader accessibility.
  • [10:53] Open Lending's solutions, like Lenders Protection, aid credit unions in serving near non-prime consumers effectively. 

Presented By

Matt Roe
Matt Roe

Chief Revenue Officer | Open Lending

Matt Roe has served as the Chief Revenue Officer of Open Lending since October 2019. Mr. Roe has been with Open Lending since 2007, and has worked in a variety of roles across the marketing, implementation, operations, finance and IT systems divisions, including as Marketing Manager from September 2010 to April 2016, National Accounts Manager from January 2013 to December 2016, Regional Vice President of Sales from April 2016 to October 2017 and Senior Vice President from October 2017 to October 2019. Mr. Roe has more than ten years of experience working with the Open Lending marketing, account management, sales and product teams. Mr. Roe holds a Bachelor of Arts degree from Texas State University.